One of the most important jobs on the board of a homeowners association is the position of HOA treasurer. The position is much more than a simple knowledge of how to manage finances, (although this is also important). There are many qualities of a treasurer that are valuable, but we have put together a list of five of the most important qualities that a treasurer of an HOA should possess.
What are the Qualities of a Treasurer Your HOA Management Should Have?
1.) Detail-Oriented with Concern for the Long-Term
Being a good treasurer means being able to balance a vision for the long-term financial success of the company along with the ability to take care of the everyday small details. Treasurers that have the long-term in mind will not be surprised when unexpected costs present themselves. A person in this position should plan ahead for every eventuality, as well as have a vision for how the association can improve and better serve the community in the future.
2.) Clear and Methodical Record Keeping
One of the other qualities of a treasurer for your HOA is ideally someone who is extremely organized and who keeps records of the HOA’s finances in a clear and methodical fashion. The goal for any treasurer should be for the financial records to be so methodically kept that a new treasurer would have no trouble in taking over operations should the position ever need to be filled.
3.) A Spirit of Teamwork and Transparency
Both teamwork and transparency are important qualities for an HOA treasurer to possess. The position is ideally filled by someone who is eager to educate others on the board as to the finances and to teach them how to use incoming funds to better the community. The treasurer should also have an attitude of full disclosure and should provide other members with constant access to the budget and plans for funds.
4.) Skilled at Delegation
An excellent treasurer should have the attitude of a servant and should be diligent at delegating and overseeing the completion of tasks relating to the community’s finances. Rather than putting themselves forward and attempting to do all of the work, a good treasurer will delegate and then take a step back, taking the role of a manager rather than as executor of the tasks.
5.) A Heart for the Community
Above all, a treasurer should have a heart for the community. If they love the community and are committed to the health and success of the HOA, you can be sure that they will take the greatest care in managing the finances of that community. This heart will come across in their diligence, their enthusiasm, their commitment to being present and on time to meetings, and their willingness to set aside control and be a servant and team player.
The choice of who to appoint as treasurer is one of the most important choices that an HOA board will make. It is crucial to find someone organized and methodical with a heart for the financial health of the community and the ability to manage and serve. A treasurer who possesses these qualities is sure to be a valued member of the board.
How CMG Can Help You Manage Your Community
Cedar Management Group has extensive experience managing HOAs located all over the United States. One of our strengths is integrating a viable strategy to manage your communities more efficiently with the optimum fiscal organization. By doing so, we can offer each community we manage to have satisfied residents who trust their CAM. In the long-term, this increases property values because the community has up-to-date repairs, looks attractive, and the HOA has a high approval rating amongst residents.
To learn more about how CMG can positively impact your community’s HOA Management, contact us online or give us a call at (877) 252-3327.